Though much of the news on the financial crisis is focused on US based banks, we are often reminded that the impacts are felt the world over. Most recently, Barclays Bank of Kenya Ltd., which is majority owned by British banking giant Barclays (NYSE: BCS), announced that it would shed jobs.
BBK said on Wednesday it would lay off 200 management-level staff in an effort to cut costs and match the strategic direction of its business.
Nuru Mugambi, the bank’s spokesperson commented to Reuters “Barclays Bank of Kenya has internally announced that it has reviewed its structure to better match the strategic direction of its business. As a result of this, 200 predominantly management-level employees, approximately 5 per cent of the bank’s employee base, will be affected as a result of the realignment.”
Barclays has it’s eye on growth, as evidenced by it’s first large launch into the US market through it’s acquisitions of Lehman Brothers assets. To focus on this, reigning in costs at other divisions may become a necessity, and the latest news may be a bastion of things to come.
